How do the Obama deficits compare with past presidents? And how did the national debt get so big anyway. This video tries to answer those questions by looking at the debt as a road trip and seeing how fast different administrations have been traveling.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
"Overall household indebtedness is up from $7 trillion to almost $10 trillion since 2000. On this sum, we estimate, the American consumer has an annual interest bill of more than $500 billion; a sum, by the way, that vastly exceeds his current income growth." —Kurt Richebacher
"The Greek offer is not sufficient and they have to go away to come up with a revised plan," said a spokesman for the German Finance Ministry. The Greeks must first have a plan that satisfies the Germans which this comment states they clearly don't yet and then the Greek Parliament will vote on it this weekend. This said, whatever package gets voted on in Greece is basically an up or down vote on euro membership so we are entering another uncertain weekend for global markets. A failed vote will likely lead to a hard default which may be what...
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May 21st, 2009 at 8:54 pm
Gee, you’d think debt/GDP would be more important than nominal debt levels.
Propagandesque?
May 21st, 2009 at 10:35 pm
Here Comes the Flood
May 21st, 2009 at 10:38 pm
Here is the link to Here Comes the Flood, my previous post had it’s embedded link stripped apparently.
http://www.youtube.com/watch?v=G0GcqYGv1AA
May 22nd, 2009 at 1:07 am
[...] Ritholtz had this up, and it’s interesting how this country has become entranced by what appears to be becoming a [...]
May 23rd, 2009 at 4:18 am
This piece doesn’t make understanding debt levels any easier than just posting the numbers.
And I noticed that the producer mentioned the building and slowing of national debt accumulation because of World War II, but doesn’t mention the War on Terror, Global Financial Collapse (with Bailouts), and ballooning entitlement programs when he talks about debt building under Obama.
He just says “look at how much Obama’s spending. That’s not an era of responsibility.” Actually, it is. The bills for the last eight years under Bush have come due, and unfortunately it’s going to take a lot of “fast driving” for the US to keep its fiscal head above water.
May 24th, 2009 at 2:00 am
[...] via [...]